Production, consumption and investment all drop on-month for January

South Korea's economy faced a setback in January with production, consumption and investment all falling for the first time in two months.

Data from Statistics Korea on Tuesday showed that the overall industrial output saw an on-month decrease of 2-point-7 percent.

This is largely due to a fall in the mining and manufacturing industry.

Facility investments saw a large drop as well.

An official from Statistics Korea attributed the drop to the base effect from relatively high growth the month before and fewer working days due to a long Lunar New Year holiday.